Early retirement , hints tips and any advice!

crv1963

OP-
I too think your plans could deplete your pot too quickly.

How we approached our planning was to look at what we thought we'd need when we both stopped work- a basic must have income, a middle would be comfortable to have income and a luxury retirement income. Then we looked at what sources of income we will have and when they come on stream. So DB pension (me), SERPS  pension (Mrs CRV), state pensions, DC pot (Mrs CRV). Then we looked at where and when the shortfalls were so we could plan to plug the gaps in retirement income.

I ran through our figures, posted questions and plans on here and tweeked our plans to fit our needs. As a result we came up with starting a SIPP for Mrs CRV, pushed back my own retirement from the originally planned 55. We also decided to try to age proof our home and do the big projects while we both are working. We have aimed for the luxury figure, changed our expected income needs upwards (I had under estimated the amount we spend on our dogs vet bills) and we are now on target to land in our middle income needs range.

I also in the planning had to identify sources of retirement income for Mrs CRV as the more likely one to outlive me, although there are no absolute guarantees of course. She is completely turned cold by looking at the figures/ plans and prefers the bottom line- how much and when at what cost now.

So our plans have changed and evolved over the past few years. Good luck with the planning/ saving.